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Note 6 - Investments Level 3 (Tables)

12 Months Ended

Dec. 31, 2015

Marketable Securities [Table Text Block]

Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:



	December 31, 2015
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	13,773	$	13,752	$	—	$	21
State and municipal obligations	36,920		37,900		1,100		120
Corporate bonds and notes	815,024		802,193		4,460		17,291
RMBS	226,744		224,905		625		2,464
CMBS	415,780		406,910		69		8,939
Other ABS	359,452		355,494		16		3,974
Foreign government and agency securities	25,663		24,307		27		1,383
	$	1,893,356	$	1,865,461	$	6,297	$	34,192
Equity securities available for sale (1)	$	75,538	$	75,430	$	—	$	108
Total debt and equity securities	$	1,968,894	$	1,940,891	$	6,297	$	34,300

______________________


(1)	Comprising primarily a multi-sector exchange-traded fund.



	December 31, 2014
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	5,709	$	5,751	$	48	$	6
State and municipal obligations	17,727		18,910		1,183		—
Corporate bonds and notes	277,678		284,408		7,288		558
RMBS	41,467		42,520		1,053		—
CMBS	57,358		58,234		876		—
Other ABS	109,420		107,701		8		1,727
Foreign government and agency securities	19,301		19,366		307		242
	$	528,660	$	536,890	$	10,763	$	2,533
Equity securities available for sale (1)	$	76,900	$	143,368	$	66,468	$	—
Total debt and equity securities	$	605,560	$	680,258	$	77,231	$	2,533

______________________


(1)	Comprising primarily broadly diversified domestic equity mutual funds

Trading Securities (and Certain Trading Assets) [Table Text Block]

The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:



	December 31,
(In thousands)	2015		2014
Trading securities:
U.S. government and agency securities	$	129,913	$	134,530
State and municipal obligations	303,946		343,926
Corporate bonds and notes	580,993		708,361
RMBS	72,192		89,810
CMBS	137,678		188,615
Other ABS	16,131		77,755
Foreign government and agency securities	13,268		18,331
Equity securities	25,016		72,256
Total	$	1,279,137	$	1,633,584

Investment Income [Table Text Block]

Net investment income consisted of:



	Year Ended December 31,
(In thousands)	2015			2014			2013
Investment income:
Fixed-maturities	$	81,127		$	62,352		$	66,131
Equity securities	4,539			6,287			6,592
Short-term investments	745			246			255
Other	600			1,848			1,970
Gross investment income	87,011			70,733			74,948
Investment expenses	(5,474		)	(5,078		)	(6,827		)
Net investment income	$	81,537		$	65,655		$	68,121

Gain (Loss) on Investments [Table Text Block]

Net realized and unrealized gains (losses) on investments and other financial instruments consisted of:



	Year Ended December 31,
(In thousands)	2015			2014			2013
Net realized gains (losses) on investments:
Fixed-maturities held to maturity	$	—		$	(9	)	$	2
Fixed-maturities available for sale	(1,176		)	(1,599		)	937
Equities available for sale	69,150			—			349
Trading securities	(9,231		)	(6,996		)	7,997
Short-term investments	(24		)	1			1
Other invested assets	3,267			—			8,841
Other gains	110			246			126
Net realized gains (losses) on investments	62,096			(8,357		)	18,253
Unrealized (losses) gains on trading securities	(27,015		)	92,226			(117,198		)
Total gains (losses) on investments	35,081			83,869			(98,945		)
Net gains (losses) on other financial instruments	612			(3,880		)	(7,580		)
Net gains (losses) on investments and other financial instruments	$	35,693		$	79,989		$	(106,525	)

Available-for-sale Securities, Proceeds and Gains (Losses) [Table Text Block]

The sources of our proceeds and related investment gains (losses) on our available for sale securities are as follows:



	Year Ended December 31,
(In thousands)	2015			2014			2013
Fixed-maturities available for sale:
Proceeds received from redemptions	$	103,595		$	4,985		$	538
Proceeds received from sales	20,100			19,672			17,185
Gross investment gains from sales and redemptions	64			99			1,078
Gross investment losses from sales and redemptions	(1,240		)	(1,698		)	(141		)
Equities available for sale:
Proceeds received from sales and redemptions	146,049			—			10,503
Gross investment gains from sales and redemptions	69,150			—			349

Unrealized Gain (Loss) on Investments [Table Text Block]

The change in unrealized gains (losses) recorded in accumulated other comprehensive income (loss) consisted of the following:



	Year Ended December 31,
(In thousands)	2015			2014			2013
Fixed-maturities:
Unrealized holding (losses) gains arising during the period, net of tax	$	(24,246	)	$	4,531		$	(240	)
Less reclassification adjustment for net (losses) gains included in net income (loss), net of tax	(764		)	(1,039		)	929
Net unrealized (losses) gains on investments, net of tax	$	(23,482	)	$	5,570		$	(1,169	)

Equities:
Unrealized holding gains arising during the period, net of tax	$	1,673		$	9,119		$	19,389
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax	44,947			—			(273		)
Net unrealized (losses) gains on investments, net of tax	$	(43,274	)	$	9,119		$	19,662

Schedule Of Unrealized Losses [Table Text Block]

The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:



	December 31, 2015
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	1	$	5,752	$	21		$	—	$	—	1	$	5,752	$	21
State and municipal obligations	2	11,674		120		—	—		—		2	11,674		120
Corporate bonds and notes	117	510,807		16,773		6	8,700		518		123	519,507		17,291
RMBS	12	168,415		2,464		—	—		—		12	168,415		2,464
CMBS	58	387,268		8,939		—	—		—		58	387,268		8,939
Other ABS	96	284,998		2,559		14	43,225		1,415		110	328,223		3,974
Foreign government and agency securities	18	18,733		1,095		3	2,278		288		21	21,011		1,383
Equity securities	1	74,930		108		—	—		—		1	74,930		108
Total	305	$	1,462,577	$	32,079	23	$	54,203	$	2,221	328	$	1,516,780	$	34,300



	December 31, 2014
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	—	$	—	$	—	1	$	3,455	$	6	1	$	3,455	$	6
Corporate bonds and notes	24	40,917		410		1	1,027		148		25	41,944		558
Other ABS	34	97,356		1,727		—	—		—		34	97,356		1,727
Foreign government and agency securities	4	6,353		242		—	—		—		4	6,353		242
Total	62	$	144,626	$	2,379	2	$	4,482	$	154	64	$	149,108	$	2,533

Investments Classified by Contractual Maturity Date [Table Text Block]

The contractual maturities of fixed-maturity investments are as follows:



	December 31, 2015
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	—	$	—
Due after one year through five years (1)	173,191		172,705
Due after five years through ten years (1)	437,248		430,476
Due after ten years (1)	280,941		274,971
RMBS (2)	226,744		224,905
CMBS (2)	415,780		406,910
Other ABS (2)	359,452		355,494
Total	$	1,893,356	$	1,865,461

______________________


(1)	Actual maturities may differ as a result of calls before scheduled maturity.


(2)	RMBS, CMBS, and Other ABS are shown separately, as they are not due at a single maturity date.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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